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GAIL profit before tax jumps 75% to ₹115.55 billion; advances net zero target to 2035
GAIL (India) Limited reported a 75% increase in its Profit Before Tax (PBT) for the fiscal year 2023-24, reaching ₹115.55 billion up from ₹65.84 billion last year, said Chairman and managing director Sandeep Kumar Gupta during the company’s 40th Annual General Meeting (AGM).
The chairman added that the Profit After Tax (PAT) saw a substantial rise, up 67% to ₹88.36 billion, despite a drop in revenue from operations which decreased to ₹1306.38 billion from ₹1443.02 billion in the previous fiscal year.
Highlighting major strides in infrastructure development, the company is actively extending its pipeline network by approximately 3,400 km to complete the National Gas Grid, critical for enhancing India’s energy security. The current pipeline infrastructure extends to 16,271 km.
The chairman also noted GAIL’s strategic initiatives in securing future gas supplies, including long-term LNG supply agreements set to start in 2026 with Vitol Asia Pte Ltd, Singapore for 1 MMTPA, and ADNOC Gas, UAE for 0.5 MMTPA. Additionally, a renewed contract with Qatar Energy LNG will provide 4.5 MMTPA starting in 2028 for a 20-year period.
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